How To Use a Bitcoin ATM?

It is a bit different than using a regular ATM, but it is also not that complicated..

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Bitcoin vs Central Banks

Bitcoin ATMs present a neat way to buy and sell bitcoins while you’re out and about. The fact that you will be dealing with a physical machine comes with a cost — the place for an ATM needs to be rented, and it has to be filled with money. But how do you use one of these machines?

It is not that complicated even though the process of buying and selling bitcoins can vary depending on the machine type as well as settings defined by an ATM operator.

Also read: How Bitcoin ATM Works?

First — if there is such an option — select the language; then based on what you want to do, follow these easy-to-grasp steps…

Buying bitcoins at a Bitcoin ATM

You should know that not all machines allow you to sell bitcoins, as they may not have the cash to offer. If they allow you to both buy and sell, in the first screen you will have to choose “Buy bitcoins”; then you should:

  1. Select the amount of bitcoins you want to buy
  2. Enter your mobile phone number, receive SMS code and enter it
  3. Scan your ID
  4. Choose whether you already have a Bitcoin wallet (it will generate and print a new one if you don’t have it)
  5. Scan the QR code
  6. Insert cash bills
  7. Click “Send” or a similar button to finalize the transaction
  8. Get a receipt and/or provide an email address to get notified about successful transaction

Note that some machines won’t print receipts, but you will get them in some form, either in your email or as an SMS. Also, some machines may require that you already have a bitcoin wallet.

On your second and every consecutive use of a Bitcoin ATM you may not have to show/scan your ID — a mobile phone number alongside the SMS code will get you through the process.

Selling bitcoins at a Bitcoin ATM

First, select the “Sell bitcoins” feature, and from there follow these steps:

  1. Select the amount your want to sell
  2. Enter your mobile phone number, receive SMS code and enter it
  3. Scan your ID
  4. Define amount of fiat currency you’d like to receive in cash
  5. The machine will provide you with a QR code where bitcoins needs to be sent with required amount of bitcoins (or satoshis)
  6. Use your wallet and send bitcoins
  7. If you want to raise a small amount, you will be able to get cash out immediately. For bigger amounts, you will get a receipt printed with a redeem code, and will need to wait for 1 or 2 confirmations.
  8. If you need to wait, just come to machine later and start the process with “Redeem code”; scan the code from your receipt and get your cash.

Some machines also allow you to initiate selling of bitcoins remotely, allowing you to get the “redeem code” from your home and just go to the machine to pick-up the cash.

Conclusion

Using a Bitcoin ATM may sound complicated, but in reality it is pretty straightforward. And it can be pretty convenient, especially when travelling abroad. Just make sure to check whether there are Bitcoin ATMs available in your destination before deciding to rely on cryptocurrency alone. 😉

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